Session Law

Chapter 392
AN ACT AUTHORIZING THE CITY OF QUINCY TO ESTABLISH AN AFFORDABLE HOUSING TRUST FUND.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.
Notwithstanding any general or special law to the
contrary, the city of Quincy shall establish an Affordable Housing Trust Fund,
in this act called the "fund". The city of Quincy shall appropriate into the
fund any monies received by the city under the city of Quincy's affordable
housing ordinance. Monies appropriated into the fund shall be used by the city
of Quincy for any purpose consistent with the city of Quincy's affordable
housing ordinance and: (1) the creation of affordable housing units through a
variety of means including, but not limited to, the provisions of favorable
financing terms or direct write down of costs for either nonprofit or
for-profit developers or to subsidize the purchase of sites, existing
structures, or affordable units within a larger development; (2) multifamily
rehabilitation programs; (3) limited equity cooperatives;
and (4) condominium conversions.

SECTION 2.
Monies appropriated into the fund may be expended for
purposes other than those contained in the city of Quincy's affordable housing
ordinance upon a determination by the city of Quincy affordable housing trust
fund committee that the expenditure is in the public interest and unanimous
vote by the committee for the expenditure with the approval of the mayor of the
city of Quincy.

SECTION 3.
The fund shall be administered by the city of Quincy
affordable housing trust fund committee, and the director of the city of
Quincy's department of planning and community development or his designee,
shall serve as trustee of the fund.

The members of the Quincy affordable housing trust fund committee may vote to
accept, purchase, and disburse the trust funds, pursuant to the Quincy
affordable housing ordinance. In the case of the acceptance, purchase, sale or
disbursement of any housing units, land or property under the affordable
housing ordinance, such acceptance, purchase, sale or disbursement is referred
to the Quincy city council and approved consistent with all the requirements of
law.

SECTION 4.
Notwithstanding any general or special law to the
contrary, the city of Quincy shall establish an Affordable Housing Trust, in
this act called the "trust". The city of Quincy shall place into the trust any
housing units, land or property received by the city under the city of Quincy's
affordable housing ordinance. Trust property shall be used by the city of
Quincy for any purpose consistent with the city of Quincy's affordable housing
ordinance and: (1) the creation of affordable housing units through a variety
of means including, but not limited to, the provisions of favorable financing
terms or direct write down of costs for either nonprofit or for-profit
developers or to subsidize the purchase of sites, existing structures, or
affordable units within a larger development; (2) multifamily rehabilitation
programs; (3) limited equity cooperatives; and (4) condominium conversions.

SECTION 5.
Trust property may be used for purposes other than those
contained in the city of Quincy's affordable housing ordinance upon a
determination by the city of Quincy affordable housing trust fund committee
that the use is in the public interest and unanimous vote by the committee for
the use with the approval of the mayor of the city of Quincy.

SECTION 6.
The trust shall be administered by the city of Quincy
affordable housing trust fund committee, and the director of the city of
Quincy's department of planning and community development or his designee,
shall serve as trustee of the trust.

The members of the Quincy affordable housing trust fund committee may vote to
accept, purchase, sell or disburse housing units, land or property conveyed to
the city of Quincy pursuant to the Quincy affordable housing ordinance. In the
case of the acceptance, purchase, sale or disbursement of any housing units,
land or property under the affordable housing ordinance, such acceptance,
purchase, sale or disbursement shall be referred to the Quincy city council and
approved consistent with all the requirements of law.

SECTION 7.
This act shall function in conjunction with the city of
Quincy's affordable housing ordinance.